I have done short term equity and non equity trading in FY 25-26 and want to report the same in my ITR.
Why does Tax P&L on Zerodha Console not include Non-Equity trading profit/loss?
Are Nippon Silver Bees considered as Non-Equity Trading?
I have downloaded the Tax P&L from console in Excel. There are 2 sheets, one is Tradewise Exits and the other is Equity and Non-Equity. The total of the charges on the first does not match the total on the second sheet. Why is that?
While taking in account for expenses for short term trading, the STT charges has to taken on both buy and sell side or only on the sell side.
Yes, anything which is not an equity share is considered as Non-Equity. In a few days we’re updating our classifications and making it better.
Equity sheet gives you total Equity charges (unrealised holdings) whereas tradewise sheet gives only for the exits (without charges for unrealised holdings), hence the difference.
If you’re filing as a business income, both buy and sell side STT can be expensed. Please contact your CA for more details.
Exits only show cost of transfer. What about entry cost? If I bought Liquidcase in 2024 and exited in 2026, I have cost of transfer as exit charges. What about entry charges pertaining to that exit?
Thanks. In fact we only need corresponding entry charges for each exit in Tradewise exits. I would’ve taken it myself if it was present anywhere in the previous FY Tax sheets, but entry charges per script is not present anywhere - even in previous year tax sheets.
Currently the only way I know is to take the contract notes one by one and split the charges.
I have taken this issue of acquisition cost not captured in the line item of trade when purchased previous years…had raised multiple tickets with nearly endless explanation on the need for the same specially investor.
Also even the txn data does not cover txn costs like brokerage
The tax p&l column meaningless as they always gross P&L
@Quicko When share activity is imported via connecting to brokers like Zerodha , Dhan, Fyers - do you automatically consider charges like STT,brokerage etc while calculating tax liability?
Ok I had a chat with a CA from Quicko who was quite helpful so shoutout for that. I asked him -
For filling up foreign assets like shares of UK , Schedule FA and FSI are required. In Quicko I see under Additional details , a section called Shares and securities where the same can be populated. Furthermore , this section allows the data to be uploaded via xls. The xls carries all relevant columns like peak value , initial value etc. However the last column of the xls sheet talks about Dividend/Interest income. Will the value put in here , automatically create relevant Schedule FSI entries ?
I understand expenses like STT , brokerage etc can be claimed for Business income. The net loss for my Business income is not showing any such charges like STT , brokerage etc inspite of everything being automatically synced with my broker Zerodha. Does that need to be filled in manually ? However, the gross P&L I am seeing on your site is different from what the xlsx of Zerodha is showing. Is that adjustment of all charges happening internally without it reflecting on right heads ? The turnover figure is also not reflecting the value from the xls.
The response I got was
The xls in the addition details tab only fills up Schedule FA. FA is calendar year aligned. Under income ——> other income——> other foreign income, it asks for foreign dividend income against each quarter. Here the value should be filled. Note that this financial year aligned. It takes care of both FSI and OS entries.
Quicko takes care of all brokerages , charges, STT while calculating final P&L so no need to worry about that. It will rightfully adjust/ignore these depending on whether it’s trading or capital gains as per IT laws. The P&L showing in Zerodha xls would be different from the one in Quicko reason being Quicko internally also adjusts the charges/expenses. If one does that manually , the values will align.